Just a quick note - CFC has been the top of my list of lenders which I despise.
I hate it for the insider selling that's been going on.
I despise it for the FT.com takeover story stunt last month, which coincided with the CEO filing to sell shares on the same day.
If you know anything about the mortgage lending industry, sure they're less than 20% exposed to subprime, but it doesn't hide the fact that CFC has always been a high pressure mortgage sweat shop and that they are well exposed in the A tranches of the credit universe as well which has been falling off a cliff, not to mention the jumbos.
Chickens, maybe the bears (LOL) are coming home to roost. Already the stock has blasted down through the $37.50 strike. There was huge buying in the April puts last week there. As the Najarian brothers would say at Optionmonster.com... chaaaachingg!